USDCAD Daily Analysis – August 22, 2017

USDCAD stays below a bearish trend line on its 4-hour chart and remains in the downtrend from 1.2778. As long as the price is below the trend line, the downtrend could be expected to continue and next target would be at 1.2460 area. On the upside, a clear break above the trend line resistance could bring price back to test 1.2690 resistance, only break above this level could trigger another rise towards 1.3000.

USDCAD 4-hour chart